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Bank of America is planning to cut 16,000 jobs by year end as it speeds up a company-wide cost-cutting initiative amid declining revenues, The Wall Street Journal reported on Wednesday.
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Under Project New BAC, Bank of America has said it planned to eliminate $5 billion in annual expenses and 30,000 jobs by the end of 2013, largely through cuts in consumer and technology areas.

Bank of America is one of many financial companies slashing thousands of jobs amid new regulations and a tepid economy that are crimping revenue.

New regulations and decreased revenue. Obama and his minions are putting more people on the government dole.

Yeah, damn those regulations.

The Dodd-Frank financial regulation bill,

So the Fed decided to cap the fee for each swipe of a debit card at Target or the grocery store at around 24 cents, down from 44 cents. ..... new regulations limiting bank fees on checking out overdraft charges....... Other regulations limit the amount of charges for late payments on credit cards.

Unsurprisingly, a number of banks then announced they would directly charge their own customers a monthly fee to use the bank's debit cards.

Most famously, Bank of America announced it would charge many of its customers $5 a month for the use of a debit card.

Wells Fargo really jammed my mother up for months after my dad passed away. It was emotional for my mom and also myself. She even had problems cashing my father's death benefit check from SS as they froze her account that had both her and my father's name on it. (multiple accounts)

They even misplaced a death certficate and put incorrect account notes on the account.

I have also heard so many stories about BOA....

I now use a NV owned bank, a credit union and a Texas bank that has a branch in my city.

My mom uses two of the same. I get no grief when I deposit her checks or even cash one, as they know about her health. A bank that actually knows you works out really well.

Say what you will about Bank of America, I worked for them for 10 years and now I'm a consultant with them in the Technology group. They are no different than any large company the have their problems but they have their plus side too.

I believe in Christianity as I believe that the sun has risen: not only because I see it, but because by it I see everything else.

Say what you will about Bank of America, I worked for them for 10 years and now I'm a consultant with them in the Technology group. They are no different than any large company the have their problems but they have their plus side too.

I don't support any bank that took my tax paying money. I deal mostly with a small local bank that have people I know personally, and they know me. It makes it a lot easier for me.

I don't support any bank that took my tax paying money. I deal mostly with a small local bank that have people I know personally, and they know me. It makes it a lot easier for me.

Here is a bit of inside info about the TARP funds. BofA didn't want the money. They had plenty of reserves on hand. All the major banks for forced to take the TARP funds so that any banks who didn't need it wouldn't get a major bump in their stock prices while banks that accepted the money took a hit.

Later BofA opted to buy Merrill Lynch but after reviewing the purchase BofA realized that ML was in a lot worse shape than it was being portrayed. BofA wanted to back out of the deal but the government stepped in and asked them not to back out that the collapse of ML would devastate the economy. The feds offered BofA some more cash to ease the pain of their loses.

This was the situation in a nut shell and I have greatly simplified the story in order to avoid writing a book. BTW, I was one of the people laid off in the ML acquiscion so I have no reason to defend the bank of the ML buyout. I'm not angry at either company because I understand that business is business and there are no guarantees in life. I took the opportunity to go back to being a consultant and the Lord has blessed me with continued employment since I left the back in 2009.

At any rate, that is my story and I'm sticking to it.

I believe in Christianity as I believe that the sun has risen: not only because I see it, but because by it I see everything else.

Here is a bit of inside info about the TARP funds. BofA didn't want the money. They had plenty of reserves on hand. All the major banks for forced to take the TARP funds so that any banks who didn't need it wouldn't get a major bump in their stock prices while banks that accepted the money took a hit.

Later BofA opted to buy Merrill Lynch but after reviewing the purchase BofA realized that ML was in a lot worse shape than it was being portrayed. BofA wanted to back out of the deal but the government stepped in and asked them not to back out that the collapse of ML would devastate the economy. The feds offered BofA some more cash to ease the pain of their loses.

This was the situation in a nut shell and I have greatly simplified the story in order to avoid writing a book. BTW, I was one of the people laid off in the ML acquiscion so I have no reason to defend the bank of the ML buyout. I'm not angry at either company because I understand that business is business and there are no guarantees in life. I took the opportunity to go back to being a consultant and the Lord has blessed me with continued employment since I left the back in 2009.

At any rate, that is my story and I'm sticking to it.

So basically they got forces to take money, like the banks for forced to give loans to people who couldn't afford them? Either way, I still won't do business with them. That is just me.

.............Unsurprisingly, a number of banks then announced they would directly charge their own customers a monthly fee to use the bank's debit cards.............

Those who pay such a fee are not paying attention.
We have an account that pays us 2% if we use the debit card at least 10 times during the month. The bank makes money by charging a fee each time the debit card is used; if they are charging you, then they are simply being opportunistic since most people don't know how these things work.